ST. LOUIS--(BUSINESS WIRE)--Aegion Corporation (“Aegion” or the “Company”) (Nasdaq Global Select Market: AEGN) today announced that its Infrastructure Solutions platform received a three-year term contract valued at approximately $6 million (USD) per year from Yarra Valley Water, the largest water utility authority in Victoria, Australia.
Aegion is expected to rehabilitate approximately 33 miles of wastewater pipelines ranging from 6 inches to 30 inches in diameter located throughout the City of Melbourne’s northern and eastern suburbs by installing Insituform® cured-in-place pipe (CIPP) and iPlus Infusion®, a rapid installation and thin-walled fully structural CIPP solution developed by Aegion to minimize diameter loss for small-diameter pipeline rehabilitation.
Charles R. Gordon, Aegion President and Chief Executive Officer, said, “We are pleased to be awarded our first contract with Yarra Valley Water. We have performed CIPP work across the globe for 45 years and are committed to applying our expertise to rehabilitate a portion of Melbourne’s wastewater pipeline system. We expect to add a number of new personnel to our operations in Victoria, including project management and installers, to provide the proper support to exceed our customer’s expectations on this project. This contract represents another important step forward in the growth of our Australian operation, which has now worked with the major utilities in Sydney, Brisbane and Melbourne and as far as Perth in Western Australia.”
Pat McCafferty, Managing Director Yarra Valley Water, said, “Investment in our infrastructure is extremely important. Aging pipes need regular maintenance and replacement to reduce the risk of future spills and blockages which can have a significant impact on our customers. Through completing renewals, we can improve the efficiency of our network and reduce ongoing maintenance costs, helping us to continue delivering reliable services to our customers.”
About Aegion (NASDAQ: AEGN)
Aegion combines innovative technologies with market-leading expertise to maintain, rehabilitate and strengthen infrastructure around the world. Since 1971, the Company has played a pioneering role in finding transformational solutions to rehabilitate aging infrastructure, primarily pipelines in the wastewater, water, energy, mining and refining industries. Aegion also maintains the efficient operation of refineries and other industrial facilities and provides innovative solutions for the strengthening of buildings, bridges and other structures. Aegion is committed to Stronger. Safer. Infrastructure.®
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. The Company makes forward-looking statements in this news release that represent the Company’s beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to the Company and on management’s beliefs, assumptions, estimates or projections and are not guarantees of future events or results. When used in this document, the words “anticipate,” “estimate,” “believe,” “plan,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Such statements are subject to known and unknown risks, uncertainties and assumptions, including those referred to in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission on February 29, 2016, and in the Company’s subsequent quarterly reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, the Company’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, the Company does not assume a duty to update forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by the Company from time to time in its filings with the Securities and Exchange Commission. Please use caution and do not place reliance on forward-looking statements. All forward looking-statements made by the Company in this news release are qualified by these cautionary statements.
Aegion®, Insituform® and iPlus® are the registered trademarks of Aegion Corporation and its affiliates.
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